Medical Transcription Statistics


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Medical Transcription Statistics 2023: Facts about Medical Transcription outlines the context of what’s happening in the tech world.

LLCBuddy editorial team did hours of research, collected all important statistics on Medical Transcription, and shared those on this page. Our editorial team proofread these to make the data as accurate as possible. We believe you don’t need to check any other resources on the web for the same. You should get everything here only 🙂

Are you planning to form an LLC? Maybe for educational purposes, business research, or personal curiosity, whatever the reason is – it’s always a good idea to gather more information about tech topics like this.

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Top Medical Transcription Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 17 Medical Transcription Statistics on this page 🙂

Medical Transcription “Latest” Statistics

  • Some transcribe using automation, others depend on human talents to ensure 99% accuracy.[1]
  • 81.1% of medical transcriptionists are Female, making them the more common gender in the occupation.[2]
  • Asian (Non-Hispanic) people make up 10.7% of medical transcriptionists, making them the second most prevalent race or ethnic group in this field.[2]
  • The national workforce is anticipated to expand by 3.71% over the next ten years, while medical transcriptionists are anticipated to rise by -2.22% over that time.[2]
  • Medical transcriptionist employment has increased at a pace of 1.15%, from 43,085 persons in 2019 to 43,581 people in 2020.[2]
  • The Bureau of Labor Statistics predicts that employment of medical transcriptionists will decrease by 2% through 2029, despite other healthcare support professions seeing growth of up to 14%.[3]
  • A transcription editor requires advanced skills and experience, they are likely in the top 10 to 25 percent of the profession’s earners, meaning they bring in between $42,460 and $51,260.[3]
  • The Bureau of Labor Statistics is projecting a 3% decline in the job outlook from 2014-2024.[4]
  • From 2021 to 2031, the employment of medical transcriptionists is anticipated to decrease by 7.[5]
  • In May 2021, the median annual wage for medical transcriptionists was $30,100.[5]
  • By 2027, the market for medical transcription software is expected to reach $4.89 billion, according to Fortune Business Insights.[6]
  • The majority of transcribing software now claims a 99% accuracy rate.[6]
  • At a 17.1% CAGR, the size of the global medical transcription market would surpass $5.11 billion.[7]
  • The U.S report’s reporting revenue projections, firm shares, and the competitive environment’s growth drivers and trends 15% off the customization scope, which is equal to 5 analyst workdays.[8]
  • The U.S transcription market size was valued at $19.8 billion in 2019 and is anticipated to expand at a CAGR of 6.1% from 2020 to 2027.[8]
  • The median age of medical transcriptions is 40, which corresponds to 49% of the population.[9]
  • Associate degree is the most typical educational level for medical transcriptionists. The degree is earned by 38% of medical transcriptionists.[9]

Also Read

How Useful is Medical Transcription

One of the primary advantages of medical transcription is that it saves valuable time for healthcare professionals. Instead of spending hours manually documenting patient encounters, physicians can dictate their notes and have them transcribed into written form by skilled transcriptionists. This allows doctors to focus more on providing quality care to their patients rather than getting bogged down by paperwork.

Furthermore, medical transcription ensures the accuracy and precision of patient records. Miscommunication or errors in medical documentation could have serious consequences for patient care and treatment. By providing physicians with clear and detailed transcriptions of their dictations, medical transcription improves the quality and accuracy of patient records, reducing the risk of errors and promoting better patient outcomes.

In addition, medical transcription facilitates the sharing of patient information among healthcare providers. By transcribing clinical notes and reports, important details about a patient’s condition, treatment plan, and medical history can be effectively communicated between healthcare professionals. This collaborative approach to documenting patient care promotes continuity of treatment and ensures that all members of the healthcare team are well-informed about a patient’s condition and treatment history.

Moreover, medical transcription contributes to the overall efficiency and organization of healthcare facilities. Transcribed medical records are easily searchable and accessible, making it easier for healthcare providers to retrieve vital information about patients when needed. This streamlined approach to managing patient records enhances workflow and productivity within healthcare settings, ultimately leading to better patient care and service delivery.

An often overlooked benefit of medical transcription is its role in enhancing patient safety and satisfaction. Accurate and detailed medical records help healthcare providers make informed decisions about patient care, reducing the likelihood of medical errors and ensuring that patients receive optimal treatment. Additionally, patients themselves may have a better understanding of their condition and treatment plan when presented with clear and concise transcriptions of their medical records.

In conclusion, the usefulness of medical transcription in the healthcare industry cannot be overstated. From saving time for healthcare providers to promoting accuracy in patient records, medical transcription plays a crucial role in ensuring quality patient care and service delivery. By streamlining documentation processes, facilitating communication among healthcare professionals, and enhancing patient safety and satisfaction, medical transcription contributes to the overall efficiency and effectiveness of healthcare facilities.

Reference

  1. bunnystudio – https://bunnystudio.com/blog/medical-transcription-services-what-you-should-know/
  2. datausa – https://datausa.io/profile/soc/medical-transcriptionists
  3. chron – https://work.chron.com/pay-scale-transcription-editors-21352.html
  4. allegistranscription – https://www.allegistranscription.com/medical-transcription-services/
  5. bls – https://www.bls.gov/ooh/healthcare/medical-transcriptionists.htm
  6. cybernetman – https://www.cybernetman.com/blog/future-medical-transcription/
  7. globenewswire – https://www.globenewswire.com/en/news-release/2022/02/21/2388411/0/en/2022-Statistics-Global-Medical-Transcription-Market-Size-Will-Surpass-5-11-Billion-at-17-1-CAGR-Growth-Vantage-Market-Research.html
  8. grandviewresearch – https://www.grandviewresearch.com/industry-analysis/us-transcription-market
  9. zippia – https://www.zippia.com/medical-transcription-jobs/demographics/

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